Gold price today: Gold is trading at $2,773.72
What is the price of gold today?
As of 9 a.m. ET, gold was trading at $2,773.72 per troy ounce. That price represents a change of -0.32% from the same time yesterday. Since the start of the year, the price has shifted up 34.23%.
Over the last day, the lowest price for an ounce of gold was $2,755.72. The highest price in the previous 24 hours: $2,790.10.
Gold spot prices
You can find gold spot prices in U.S. dollars under the label XAU/USD. In this case, the price shown is for one troy ounce and expressed in U.S. dollars. Foreign markets using different currencies have different listings. For example, there’s XAU/EUR for trading in euros or XAU/GBP for British pounds.
Gold’s spot price represents the price at which gold can be exchanged and delivered. Prices are typically listed in cost per troy ounce. But prices can also be listed in units like grams or kilograms. Troy ounces are units used almost exclusively for weighing precious metals. One troy ounce represents 1.097 standard ounces.
Price of gold chart
The chart below shows spot prices for gold over the last year. The data was updated at 9 a.m. ET and does not include intraday highs or lows.
Gold is up 34.23% from the beginning of the year, as of 9 a.m. ET. The 52-week intraday high reached $2,790.10 on Oct. 31, 2024, and the 52-week intraday low dropped to $1,931.73 on Nov. 13, 2023.
Keep in mind that gold prices change in real time. Spot prices when you purchase may be significantly different if and when you decide to sell.
How to invest in gold
Owning physical gold isn’t like having stocks in an online brokerage. You’ll need a location to store it and likely want to insure it.
The difference between buying and selling prices is known as the spread if you’re trading physical gold. It’s something to note because that spread can end up eating your returns. Dealers typically fold markups and transaction fees into the spread. So your purchase price can be higher than current market rates. Likewise, the money you get for a sale may be less than the current spot rate.
Some alternatives to physical gold offer better liquidity. Those may include gold exchange-traded funds, gold certificates and gold trusts. While they can be easier to manage, they have their own risks. For instance, these investments can have management fees and may not precisely track prices.
Spot prices are, therefore, a general benchmark for gold prices. In practice, actual returns for trading gold can vary depending on your method.
Precious metals prices
Precious metals are often used as investment vehicles but also have industrial uses. Like gold, the price of commodities like palladium, silver and platinum varies based on market forces. Due to their industrial applications, they also have other sources of demand.
Price of silver
Some investors use Silver to hedge against economic volatility. Besides its monetary value, silver has plenty of industrial uses. Precious metals are used in medicine, electronics, automobiles, and more. As a result, it trades differently than gold.
The price of silver opened at $33.42 per ounce, as of 9 a.m. ET. That’s down 1.82% from the previous day’s silver price per ounce and up 39.69% since the beginning of the year.
The lowest trading price within the last day: $32.92 per ounce. The highest silver spot price in the last 24 hours: $34.13 per ounce.
Price of platinum
Platinum is rarer than gold or silver. The precious metal is used in catalytic converters to reduce exhaust fumes. As the auto industry pushes for cleaner cars, demand could rise, making platinum prices volatile and more challenging to predict.
The price of platinum opened at $1,007.50 per ounce, as of 9 a.m. ET. That’s down 1.86% from yesterday’s platinum price per ounce and up 2.00% year to date.
The lowest trading price within the last 24 hours: $999.75 per ounce. The highest platinum spot price in the last 24 hours: $1,027.35 per ounce.
Price of palladium
Palladium, like platinum, is pivotal in the automotive industry for catalytic converters. In recent times, there has been a surge in palladium demand due to stricter emission standards worldwide. Its scarcity and rising industrial demand have led to significant price volatility.
The price of palladium is $1,140.90 per ounce, as of 9 a.m. ET. That’s down 1.62% from yesterday’s palladium price per ounce and up 3.76% year to date.
The lowest trading price within the last 24 hours: $1,122.33 per ounce. The highest palladium spot price in the last 24 hours: $1,161.55 per ounce.
Frequently asked questions (FAQs)
The highest price gold ever reached was $2,790.10 on Oct. 31, 2024.
One notable recent high includes the yellow metal’s high of $1,971.17 per troy ounce in August 2020. This surge can be partially attributed to the economic uncertainty surrounding the COVID-19 pandemic.
The global outbreak of COVID-19 brought about unprecedented economic challenges. With central banks worldwide implementing low interest rate policies and massive fiscal stimulus packages to support their economies, there were concerns about potential inflation and the devaluation of fiat currencies. In this scenario, some investors turned to gold as a safe asset, given its history as a store of value during times of economic instability.
Geopolitical tensions, trade wars, and supply chain disruptions during this period further contributed to investors seeking refuge in assets deemed more stable, and gold has historically been a preferred choice for many. As a result, demand for gold increased, driving its price to a record high in August 2020.
Remember that while the COVID-19 pandemic’s economic repercussions significantly contributed to gold’s price rise in 2020, other factors likely also played a part.
Gold’s value tends to fluctuate based on economic, geopolitical and market factors, so the answer to this question depends on the period in which it is measured. It’s also difficult to pinpoint the direction of future price trends ahead of time.
From the beginning of the year to Oct. 31, 2024, the price of gold rose from $2,066.32 per troy ounce to $2,773.72, representing a 34.23% increase.